Average price and sales continue to rise in Toronto

The number of homes sold during September 2014 was 8,051, according to the Toronto Real Estate Board (TREB), which represents an increase of 11 percent over September 2013. On a year-to-date basis through the first three quarters of the year, sales were up by 6.9 per cent annually to 73,465.

The average selling price for September 2014 transactions was $573,676 – up by 7.7 percent compared to the same period in 2013. Average year-over-year price growth was strongest in the city of Toronto, both for low-rise home types like detached and semidetached houses and for condominium apartments. The average selling price year-to-date was $563,813 – up 8.5 per cent compared to the first nine months of 2013.

TREB predicts that if sales growth continues at its current pace for the remainder of the year, a new record for residential sales could be set in Toronto.